Know the demographic your credit union is targeting

Drawing from their separate areas of expertise, Manuel Hochheimer,  Janet McNeilly, and Jeanette Radmer teamed up to identify the Spokane  Valley, Wash., credit union’s target demographics and introduced initiatives to  broaden its market share within those segments.

The trio’s Dealer Center Outbound Conversion Program dramatically improved  engagement among indirect auto loan recipients. Its University Outreach Program  deepened interactions between Numerica and more than a half-dozen colleges in  its service area. And the credit union’s emphasis on the growing medical,  dental, educational, and small-business communities in the region meshes with  its goal of attracting more 25- to 49-year-olds.

Radmer sums up the team’s strategy: “Be strategic in your business development  efforts. Know the demographic your credit union is targeting in its efforts to  be successful and thrive in the future. Then, reach out to that demographic, get  to know them, and introduce them to the benefits your credit union has to  offer.”

The group’s successful onboarding program stands out as its chief  accomplishment. In the past year, Numerica connected with approximately 70%  of its indirect members, converting nearly 20% of them into primary  financial institution members—a rate about 10 times the industry average.

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